Rough diamond production decreased by 23% to 6.9 million carats, primarily due to production configuration changes implemented in response to higher than average levels of inventory in the market and the expectation for a gradual recovery in rough diamond demand.
In Botswana, production decreased by 28% to 5.0 million carats, driven by intentional lower production at Jwaneng and a short-term change in plant feed mix at Orapa to process existing surface stockpiles.
Production in Namibia was broadly unchanged at 0.6 million carats.
In South Africa, production decreased by 19% to 0.6 million carats, due to the continued depletion of lower grade surface stockpiles prior to the planned ramp-up of underground operations at Venetia over the next few years.
Production in Canada decreased by 4% to 0.6 million carats, due to planned treatment of lower grade ore.
Demand for rough diamonds began to recover during Q1 2024 following improved demand for diamond jewellery in the United States over the year-end holiday season.
The flexibility for rough diamond allocations offered by De Beers in 2023, combined with the voluntary import moratorium on rough diamonds into India in Q4 2023, has helped improve the industry’s balance between wholesale supply and demand. However, ongoing uncertainty around economic growth prospects has led to a continued cautious purchasing approach by Sightholders and the recovery in rough diamond demand is expected to be gradual through the rest of the year.
Consequently, rough diamond sales in Q1 2024 totalled 4.9 million carats (4.6 million carats on a consolidated basis) (1) from two Sights, compared with 9.7 million carats (8.9 million carats on a consolidated basis)(1) from three Sights in Q1 2023, and 2.8 million carats (2.6 million carats on a consolidated basis)(1) from two Sights in Q4 2023.
The consolidated average realised price increased by 23% to $201/ct, reflecting a change in the sales mix towards higher value rough diamonds and the benefit of the price adjustment in Sight 1 of 2024, which helped improve demand in higher price categories.
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